Principal agrees to acquire Wells Fargo Institutional Retirement and Trust business

Principal agreed to acquire Wells Fargo’s Institutional Retirement and Trust business at a USD 1.2 billion base price, subject to closing adjustments, with an earnout of up to USD 150 million tied to revenue retention. Lazard advised Principal. The acquisition subsequently closed July 1, 2019, and Wells Fargo continued servicing during transition. Final earnout paid was not confirmed in this research.